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Venezuela's President Nicolas Maduro on Saturday announced a hike in gasoline prices after two decades of frozen values at the pump, as part of a system to fill vehicles and motorcycles with subsidized fuel up to monthly quotas and pay internationally indexed prices over those levels.

Oil prices edged lower on Friday after U.S. inventory data showed a weaker fuel demand in the country. Brent crude dropped 25 cents to $35.04 a barrel, while US West Texas Intermediate (WTI) crude was down 53 cents at $33.18 a barrel, Reuters reported.

Oil prices rose on Monday, erasing earlier losses, as countries around the world continued to ease lockdown measures imposed to combat the coronavirus pandemic, boosting hopes for a recovery in fuel demand.

Oil prices jumped on Monday, with both U.S. and Brent benchmarks on track for their highest settles in two months, supported by optimism about resumption in economic activity and steady output cuts from major producers.

Oil prices rose on Monday after the Energy Minister of Saudi Arabia, Abdul Aziz Bin Salman announced the Kingdom’s plan to further cut its oil production by one million barrels per day (bpd) in a bid to reduce surplus oil in the international market.